The present invention generally relates to pari-mutuel wagering and, more particularly, to combining such wagering activities with jackpot bonus opportunities for bettors.
Pari-mutuel wagering is preferred by some bettors because it pits one bettor against other bettors and allows for a bettor to study various historical and predictive factors of the event to make an educated prediction of the outcome of the event prior to placing their wager. For example, in a horse race, a bettor may review the history of form or past performances of the horses, the strike rates of jockeys, breeding and pedigree of the horses, trainers, and other related information. Consideration of such information enables a bettor to make a more educated prediction regarding the outcome of a race or other event than other bettors placing wagers on the same event, thus giving a bettor the opportunity to create an edge or advantage over other less informed or less diligent bettors.
Many individuals prefer other types of wagering, such as video slot machines, video poker machines, purchasing of lottery tickets, pull tab tickets, or other wagering activities based on randomly generated outcomes, because they find the act of studying (aka handicapping) a pari-mutuel wager to be too complex, difficult and time consuming. Moreover, some of these non-pari-mutuel wagering activities may present “jackpot” opportunities. Some bettors consider such opportunities for jackpots to be desirable because they hold out a promise of providing a life-altering outcome for a bet.
Over the past decade there has been a dramatic increase in casino style wagering (i.e. video slot machines, video poker machines, table games, etc.) and the expansion of lotteries in many states, in which each, has put pari-mutuel wagering events such as horse racing, under a great deal of competitive pressure which has been reflected in the continual loss of market share.
As can be seen, there is a need for a system of wagering in which a bettor may employ skills associated with pari-mutuel style wagering while also being provided with life-altering jackpot opportunities in connection with a particular bet—which currently does not exist today.